Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 6

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around the 22,405 level, a discount of nearly 30 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity indices snapped their four-day winning streak and ended lower amid weak global cues.

The Sensex fell 195.16 points to close at 73,677.13, while the Nifty 50 settled 49.30 points, or 0.22%, lower at 22,356.30.

Nifty 50 formed a small negative candle on the daily chart with a minor upper and lower shadow. Technically, this pattern indicates a minor downward correction in the market with high volatility.

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“Positive chart pattern like higher tops and bottoms is intact on the daily chart. Nifty formed a new higher top on Monday at 22,440 levels and the present weakness could be in line with the new higher bottom of the sequence. The short-term trend of Nifty is choppy and this range-bound action is expected to continue for the next session,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Shetti believes the near-term uptrend remains intact and one may expect a sustainable upside bounce from the lower levels.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty OI Data

Upon scrutinizing the Nifty Open Interest (OI) data, the call side revealed the highest OI at 22,500, followed by the 22,800 strike prices. Conversely, on the put side, the maximum OI was observed at the 22,200 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

Also Read: Stock market today: Day trading guide for Nifty 50 to Bank Nifty, six stocks to buy or sell on Wednesday — 6th March

Nifty Prediction

The Nifty 50 index snapped a four-day gaining run and ended 49 points lower on March 5.

“Bulls and bears experienced another day of minor clashes without arriving at a definitive outcome. The sentiment remains positive, with the index staying above the short-term moving average. The momentum indicator RSI is showing a bullish crossover,” said Rupak De, Senior Technical Analyst, LKP Securities.

According to him, for a potential rally towards 22,600 and beyond, Nifty 50 needs to decisively breach the 21,400 level. On the downside, support is positioned at 22,200.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 6

Bank Nifty Prediction

The Bank Nifty index outperformed the Nifty 50 and ended 125 points higher at 47,581 on Tuesday. 

“The Bank Nifty bulls maintained their control, holding firm above the crucial support level of 47,400. The immediate resistance for the index is positioned at 48,000, and a successful breach of this level is anticipated to propel the index towards its all-time high,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

The overall outlook remains bullish, and any declines toward the mentioned support level are considered buying, Shah added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 06 Mar 2024, 07:34 AM IST